Dell sales soar above estimates; shares tick higher

SAN FRANCISCO (MarketWatch) -- Shares of Dell Inc. climbed late Thursday after the PC giant posted higher-than-expected preliminary sales for the quarter and said that it will cut roughly 8,800 jobs.

Dell
DELL
shares jumped 6.3% to $28.60, at last check. The company said it plans to cut 10% of its workforce, or 8,800 jobs, over the next 12 months as it tries to minimize costs amid its battle for market share against Hewlett-Packard and other PC sellers. See full story.

The company also reported preliminary first-quarter net revenue of $14.62 billion, above the view of $13.96 billion by analysts polled at Thomson Financial.

The company's net earnings were slightly lower at $759 million, or 34 cents a share, compared with $762 million, or 33 cents a share, last year. Wall Street expected earnings of 34 cents a share.

But stock in Brocade Communications
BRCD
fell 2.1% to $9 after the network storage provider said its second-quarter net income fell 98% to $843,000, or breakeven on a per-share basis, from $13.5 million, or 5 cents a share, a year earlier. Pro forma earnings were 11 cents a share. Revenue, however, rose 89% to $345.3 million. Analysts expected a profit of 9 cents a share and revenue of $345.2 million.

MedImmune Inc.
MEDI, +0.28%
was the second most actively traded stock of the session, as the biotech firm exits the S&P 500 Index
SPX, -1.17%
The company is being acquired by AstraZeneca PLC
AZN, +0.22%

Shares of Endo Pharmaceuticals
ENDP, -2.57%
also ranked high on Nasdaq's list of active movers, as it enters the S&P MidCap 400. Endo is replacing Precision Castparts Corp.
PCP, +0.00%
as that company moves to the S&P 500. Endo shares were up 6 cents to $35.32.

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